Even if you began planning for retirement at a young age, sometimes life throws a curveball, and your retirement plan isn’t what you thought it would be. Illness, job loss, and financial emergencies sometimes get in the way of what we thought would be a safe retirement plan with a comfortable income. Inflation can also wreak havoc on retirement plans. When these things happen, it’s time to come up with a new or additional idea to safeguard retirement and make sure you get to live comfortably during those years.
One of the best places to invest and create retirement income is through a franchise. If the idea intrigues you, follow along as we look at what it means to own a franchise, what it entails to invest, and the best franchises to own.
What is a Franchise?
A franchise has two main roles: the franchisor and the franchisee.
The Franchisor
A franchisor starts a franchise by establishing the brand and its trademark and eventually making it successful. Franchises might be stores, restaurants, food supply, health and wellness, or any other type of business. The franchisor allows franchisees (at a cost) to build a business under their established brand.
The Franchisee
The franchisee pays to use the established brand to build a business with the same brand, trademark, and everything else.
The Best Franchises to Own
People often think of restaurants when they hear the word “franchise.” However, there are many types of franchises. More importantly, in any investment or business, it’s critical to see what is trending rather than reinventing the wheel and coming up with something new.
With so many types of franchises, it can be overwhelming to try to choose one as a part of your retirement plan. The best way to decide is to understand which industries are trending positively. According to a survey by McKinsey and Company, 42% of consumers say that health and wellness are a top priority, making health and wellness businesses one of the best franchises to own.
Experts echo the study and have said health and wellness franchises are the top choices of franchises today.
Where to Begin as a Franchisee
You’ve decided that owning a franchise is a wise investment for your retirement, but now what? Where do you begin? The following are the general steps toward franchising:
- Sign a contract and pay the initial franchise fees.
- Site approval from the franchisor.
- Meet design standards and specifications.
- Fulfill contract agreement.
Things to Consider Before Franchising
There are several factors to consider before opening a franchise to assist with your retirement:
- Can you afford the cost of opening a franchise? Consider the amount needed and how much you can afford to lose should the franchise not do as well as you hoped.
- Are you willing to give plenty of time to get it up and running?
- Do you need financial assistance, and if so, what is your credit score?
- Can you retire with the income you have as you wait for the franchise to succeed?
Consider Health and Wellness
As mentioned, a health and wellness franchise is one of the best franchises to own. Health and Wellness is a booming industry and covers many categories, from exercise to eating well.
Assisted stretching, for example, is seeing significant growth since it is ideal for those seeking self-care, better physical health, and improved mental health. It’s also suitable for many age groups.
iFlex Stretch Studios Assisted Stretching Franchise
iFlex Stretch Studios offers assisted stretching franchises at an affordable price in beautiful locations. Here’s what you will get when you open a stretching franchise with iFlex Stretch Studios:
- Prime franchise location
- Your own business
- Hands-on support
- Operations training
- Technology support
As you consider an assisted stretching franchise as a part of your retirement income, keep in mind that the health and wellness business is booming, and now is a great time to get involved! Visit iflexfranchise.com today to learn more.
